(Reuters) -Indian shares opened higher on Wednesday, led by information technology stocks, after data signaled strength in the U.S. economy, while investors closely watched the initial U.S. presidential election results.
The NSE Nifty 50 rose 0.51% to 24,337.4 points as of 9:40 a.m. IST, while the BSE Sensex added 0.52% to 79,868.5.
On the day, 11 of the 13 major sectors logged gains. The IT index rose 1.7% and was the top sectoral gainer.
Rise in IT stocks comes after data showed that the U.S. services sector activity accelerated unexpectedly in October. IT firms earn a significant share of their revenue from the U.S.
Other Asian markets traded lower, with the MSCI Asia ex-Japan index shedding 0.9%, as early results from the U.S. election suggested the race remained too close to call.
Republican Donald Trump won 14 states, while Democrat Kamala Harris captured four states and Washington, D.C., Edison Research projected, but critical battleground states are unlikely to be called for hours or even days.
A Trump win could lead to lower corporate tax rates in the U.S., and is expected to boost spending and benefit several equity sectors in India, analysts said.
A Harris victory, meanwhile, is seen as a sign of policy continuity, a neutral-to-mildly-positive outcome for Indian stocks, they said.
Among individual stocks, Mankind Pharma rose 2.8% after second-quarter profit beat estimates on higher demand for chronic drugs.
Titan fell 3% after posting a drop in second-quarter profit as gold import tax cut drove inventory losses.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Sumana Nandy)
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